Blackstone agrees to buy 20% stake in Versace

Thursday, 27 Feb 2014 | 4:53 AM ETReuters

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U.S. private equity firm Blackstone has signed an agreement to take a 20 percent stake in Italian fashion house Versace, in a deal worth 210 million euros ($287 million), a person close to the matter said on Thursday.

The deal involves a 160 million euro capital increase, while the holding company owned by the family of founder Gianni Versace will cash in 60 million euros.

Pascal Le Segretain | Getty Images Entertainment | Getty Images

Versace, which has been wholly owned by the founder's siblings and niece since his murder in 1997, wants to raise funds to open new shops internationally, and expand its clothing and accessories ranges.